A round-up of today's business news in brief
Allianz reports gross premium drop of 9.5%
Insurer Allianz said yesterday that gross premiums written in its Irish division declined by 9.5 per cent during the third quarter.
Gross premiums written were down 6.6 per cent for the year-to-date as against 6 per cent for 2008 while net earned premiums were down 4 per cent for the first nine months of 2009. The insurer’s parent reported a quarterly operating profit of €1.92 billion. The company swung to a quarterly net profit of €1.3 billion, from a €2 billion loss in the third quarter of 2008, when it sold its unprofitable Dresdner Bank unit to Commerzbank.
Axa and AMP table 7bn Asian bid
French insurer Axa and Australia’s AMP have launched one of Asia’s biggest unsolicited takeover bids of the year, tabling a joint A$11 billion (€7 billion) offer for Axa’s majority- owned Asian business.
The bid – rejected by Axa Asia Pacific as inadequate – signalled the French company’s intent to expand its presence in some of the world’s emerging markets.
It is the second time in five years that it has tried to buy the Asian business outright. – Copyright The Financial Times Limited 2009
Keegan named as Merrill Lynch chief
Bank of America Merrill Lynch has appointed Peter Keegan as chief executive of its Irish operations to replace Mike Ryan, who is becoming deputy chief executive of the financial regulator in the Gulf state of Qatar.
As chief executive of Merrill Lynch International Bank, Mr Keegan will be responsible for managing the bank’s branches in 12 countries.
